Bit of a fresh take on old technology, but really quite effective I think. The resulting panorama is HTML5 so should be viewable on mobile devices too.

I asked for advice on the chaosgroup forum on what the best way of making panoramas is these days and the general consensus seemed to be that Pano2VR is the way to go. Apart from that, rendering a suitable image is very straightforward with vray:

Make sure your aspect ratio is 2:1 ie. width twice the height.

Set up your camera (I used a vrayphysicalcamera)

Under the camera settings in the vray render settings, change the camera type to spherical and override the field of view to 360deg.

the rendered equirectangular (?) image

Double clicking the panorama should launch it in fullscreen (IE and mobile users might have to make do with non fullscreen I'm afraid).